Transparency Market Research (TMR) has
published a new report titled, “Smart Implantable Pumps Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”.
According to the report, the global smart implantable pumps market was
valued at US$ 1,332.42 Mn in 2018 and is projected to expand at a CAGR of 8.0%
during forecast period from 2019 to 2027. The global market is anticipated to
be driven by technological advancements and increase in usage of smart
implantable pumps during the forecast period. The market in Asia Pacific is
expected to expand at a high CAGR due to high prevalence of diseases, improvement
in health care infrastructure, and rise in adoption of smart implantable pumps.
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Rise in Geriatric Population and
Increase in Incidence of Chronic Diseases Drive Market
The global population is aging rapidly, especially in developed
economies such as the U.S., most of Western Europe, and Japan. Developed
countries witness high rate of aging compared to the developing countries. This
is attributed to improved health care infrastructure, favorable reimbursement
policies, and advanced health care facilities in these countries. Moreover,
access to various diagnostic and treatment services has improved in the recent
past, especially in developed countries. This in turn has increased the life
expectancy of the population. Increase in number of elderly people leads to
high rate of ailments, which in turn is likely to propel demand and consumption
of smart implantable pumps
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Advantage over Conventional
Delivery Systems
Smart implantable pumps have several advantages over conventional
delivery systems (syringes/pens/injections). Smart implantable pumps provide site
specific drug delivery, minimize potential side effects, and help improve the
quality of life. Moreover, these pumps are patient compliant, as the treatment
regimen associated with a smart implantable device is generally less
burdensome than pills or injections. These advantages over conventional
delivery systems are projected to drive the global smart implantable pumps
market in the near future.
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Increase in Patient Population
with Chronic Pain and Other Chronic Illnesses
Rise in prevalence of chronic pain, heart failure, and
hypertension is a major driver of the global smart implantable pumps market, as
these pumps are extensively used to administer drugs during the treatment of
these diseases. Heart failure is a major public health problem, with a
prevalence of over 5.8 million in the U.S., and over 23 million globally. A
number of international studies have estimated that between 10.1% and 55.2% of
the population is afflicted with pain. In the U.S., 20% to 30% of the general
population experiences chronic or recurring pain. Approximately, two thirds of
these people have had pain for more than five years. Hence, rise in prevalence
of chronic diseases is likely to propel the global market in the near future.
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In terms of type, the smart implantable pumps market can be
divided into perfusion pumps and micro-pumps. The perfusion pumps segment is
projected to account for leading share of the global market during the forecast
period owing to wide adoption of these devices, especially Medtronic’s
Synchromed II Pump. Technological developments in perfusion pumps are
anticipated to boost the growth of the segment during the forecast period.
Based on application, the market can be bifurcated into pain & spasticity
and cardiovascular. In terms of end-user, the global smart implantable pumps
market can be classified into hospitals, ambulatory surgical centers, and
others. The hospitals segment is expected to expand at a high CAGR during the
forecast period due to increase in the number of visits and longer stay in
hospitals, favorable reimbursement policies, and rise in the number of
implantable procedures performed in these settings.
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Rise in Prevalence of Chronic
Diseases and Increase in Disposable Income to Drive Asia Pacific Market
Geographically, the global smart implantable pumps market has been
segmented into five major regions: North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa. North America is projected to constitute
leading share of the global market during the forecast period, owing to high
adoption of smart implantable pumps and high health care expenditure. Europe is
anticipated to account for significant share of the global market between 2019
and 2027. Increase in incidence of chronic pain and pulmonary arterial
hypertension is expected to propel the market in the region during the forecast
period. The market in Asia Pacific is likely to witness strong growth during
the forecast period, due to surge in health care expenditure. Moreover,
increase in focus of key players on expansion in the region, large untapped
population, and rise in awareness about smart implantable pumps contribute to
the growth of the market in Asia Pacific. The smart implantable pumps market in
Latin America is anticipated to experience steady growth from 2019 to 2027.
Key players profiled in this report are Medtronic, plc. Tricumed
Medizintechnik GmbH, Flowonix Medical, Inc., Abbott, Intarcia Therapeutics,
Inc., Cognos Therapeutics, Inc., and Berlin Heart, among others. These
companies focus on strategic collaborations to develop new drug-device
combination for better treatment outcomes.
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